The typical owner-occupied home in Midland is worth about $57,800, 78% below the South Dakota median of $257,400 and 83% below the national median of $332,700. Owners pay a median $1,056 a year in property taxes, about 1.83% of their home's value, higher than the South Dakota rate of 1.06%. The median household earns $61,477 a year, so the median home costs 0.9 times the median income (3.4 times for South Dakota). 93% of occupied homes here are lived in by their owners, and 36% of those owners still have a mortgage.
Midland at a glance
| Midland | South Dakota | U.S. | |
|---|---|---|---|
| Median home value | $57,800 | $257,400 | $332,700 |
| Median property tax paid per year | $1,056 | $2,724 | $3,119 |
| Property tax as a share of value | 1.83% | 1.06% | 0.94% |
| Median household income | $61,477 | $75,081 | $80,734 |
| Homes lived in by their owners | 93% | 69% | 65% |
| Owner homes with a mortgage | 36% | 54% | 61% |
| Median monthly costs, owners with a mortgage | $1,058 | $1,680 | $1,963 |
| Those costs as a share of the owners' income | 15.7% | 20.4% | 21.0% |
| Median rent | – | $946 | $1,413 |
| Median year homes were built | 1974 | 1980 | 1980 |
| Vacant homes | 37.9% | 10.5% | 10.1% |
| Population | 135 | 907,428 | 334,922,499 |
What a typical home costs per month in Midland
At this week's average 30-year rate of 7.11%, buying the median Midland home of $57,800 with 20% down costs about $423 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $520, because the loan is bigger and FHA adds mortgage insurance.
Lenders usually want housing costs under about 28% of gross income, which means an income of roughly $18,141 for the 20%-down payment. That payment is 8% of the median Midland household income of $61,477; at that income and 20% down, the 28% guideline points to a home of about $196,000.
| Down payment | $11,560 |
|---|---|
| Loan amount | $46,240 |
| Principal and interest | $311 |
| Property taxes (1.83% a year) | $88 |
| Homeowners insurance (our estimate, 0.5% a year) | $24 |
| PMI | $0 |
| Total per month | $423 |
Change the numbers in the calculator
| Down payment | $2,023 |
|---|---|
| Loan amount | $56,753 |
| Principal and interest | $382 |
| Property taxes (1.83% a year) | $88 |
| Homeowners insurance (our estimate, 0.5% a year) | $24 |
| FHA mortgage insurance | $26 |
| Total per month | $520 |
Change the numbers in the calculator
Questions about home buying in Midland
What is the median home value in Midland?
About $57,800 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Midland?
Homeowners pay a median $1,056 a year, which is about 1.83% of the median home value. Your bill depends on your home's assessed value and local rates.
What income do you need to buy a home in Midland?
For the median home with 20% down at 7.11%, the payment is about $423 a month. Keeping that under 28% of gross income takes about $18,141 a year.
More about Midland
- Mortgage Refinance in Midland
- Debt Relief in Midland
- Home Equity Loans in Midland
- Guides and quotes for mortgage refinance on our sister site, MortgageRefinance.com
Sources: U.S. Census Bureau, American Community Survey 2020–2024 5-year estimates; Freddie Mac Primary Mortgage Market Survey, week of November 12, 2026. Estimates for small places have wide margins of error. About our data